New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 39

39 Report to be prepared by managing agent

(1) A managing agent who holds or ceases to hold the money in a fund established by an owners corporation under section 66 or 69 of the Strata Schemes Management Act 1996 or by an association under Schedule 1 to the Community Land Management Act 1989 must comply with this clause.

(2) The agent must prepare a report relating to the management of each such fund during the period since the person last commenced to act as managing agent for the owners corporation or association or since the person last prepared a report under this clause for the owners corporation or association.

(3) Such a report must be signed by the agent and forwarded to the treasurer of the owners corporation or association at the following times:

(a) if the money is held in a separate trust account kept for the owners corporation or association-at least once in every 6 months,

(b) if the money is not held in a separate trust account kept for the owners corporation or association-at least once in every 3 months,

(c) if the agent ceases to act as managing agent for the owners corporation or association-within 14 days after termination of the agency agreement.

(4) Such a report (other than one resulting from the termination of an agency agreement) must have been completed no earlier than one month before it is forwarded to the treasurer.

(5) Each report must:

(a) state the name and address of the owners corporation or association for whom the report is prepared, and

(b) specify the period in respect of which the report is prepared, and

(c) state the date of completion of the report, and

(d) if the report is required because of the termination of an agency agreement, reconcile all receipts and payments with the statements from the relevant bank up to the time of termination.

(6) A report must also contain the following particulars for the fund or, if more than one, for each fund of the owners corporation or association:

(a) the amount of contribution to that fund levied during the period to which it relates in respect of each of the lots in the scheme concerned,

(b) the amount of contribution to that fund paid during that period in respect of each of those lots,

(c) the amount of contribution to that fund levied in respect of each of those lots but not paid as at the date of the report,

(d) the amount of any money received into that fund otherwise than as such a contribution and a description of the sources of that money,

(e) the amount of any money actually expended from that fund on behalf of the owners corporation or association and the amount of any money due to be paid from that fund but not actually paid as at the date of the report,

(f) the amount of any money that is expected to become due and payable from that fund by the owners corporation or association before the next report is prepared,

(g) the amount of any money standing to the credit of that fund in a bank and the name of the account at the bank,

(h) the amount of any money standing to the credit of that fund invested otherwise than in a bank and, if so, where it is invested,

(i) the total amount of money standing to the credit of that fund.

(7) The managing agent who prepared the report must retain a copy of the report at the agent’s registered office for 3 years from the date on which the report was prepared.

(8) In this clause:
"managing agent" means strata managing agent or community managing agent.

Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.